Posted on: 24th Aug, 2012 12:38 am
Is it possible to get a mortgage, probably FHA, with an unpaid charge off? There is no CA reporting on this. It's almost five years since last payment, and I'd rather not pay it if I do not have to.
Hi Venderm!
Welcome to forums!
There are high chances that the lender will ask you to pay off the charge off before he approves you for a loan.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
There are high chances that the lender will ask you to pay off the charge off before he approves you for a loan.
Feel free to ask if you've further queries.
Sussane
On a FHA loan, it would not need to be paid off.
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If the amount is less then 1k, then you may be able to not pay it off. Anything more than the 1k, you would be required to pay it.
Charge-offs and other negative credit marks lower your credit score, a number used by mortgage lenders when they are determining your eligibility for a mortgage. Having charge-offs on your report does not automatically disqualify you from receiving a mortgage loan. In some cases, the charge-off will not have any large effect on your score. In other cases, the charge-off might put your credit score below what the lender is willing to accept.